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Renters and homeowners need insurance

Regardless of whether a person owns their own home or is renting an apartment, they need insurance to protect themselves. Many homeowners are aware that a home insurance policy will help recoup the some of the costs associated with the structure and their belongings in the event of a natural disaster.

While a landlord may have insurance on a building, it's important for renters to know that such coverage does not cover their personal belongings. With a 10 percent increase in renters, according to the U.S. Census Bureau, a large number of people stand to benefit from the security renters insurance can provide.

Travelers Personal Insurance second vice president Sean Meehan says it's important for families to have the right insurance.

"Even though a renter does not own the building, they still have personal belongings," says Meehan. "The question is if something happened, can they afford to replace everything they own?"

Those looking to purchase either renters or home insurance should carefully research their options and ensure they are purchasing enough protection. An insurance policy won't do much good if a person does not find out until after an accident what their insurance covers.